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merpay-overview_en

Mercari, Inc.
January 24, 2024

 merpay-overview_en

Mercari, Inc.

January 24, 2024
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  1. 1
    As of February 2024

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  2. 2
      
    Company Overview
    November 20, 2017
    Established
    Tokyo, Fukuoka
    Offices
    Establishing new
    finance-related
    businesses
    Business
    Activities

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  3. 3
      
    Leadership
    Director, CFO
    Sayaka
    Eda
    Formerly Managing
    Director at Goldman
    Sachs Japan Co, Ltd.
    Director, CRCO
    Akira
    Inoue
    Formerly Senior
    Managing Director and
    Head of Internal Control
    at SMBC Nikko
    Securities Inc.
    Representative
    Director, CEO
    Takeshi
    Nagasawa
    After being in charge of
    growth for the mobile
    payment service Merpay,
    oversaw growth for Mercari
    Group’s fintech operations
    before assuming the role of
    CEO (Fintech)
    Director, CSO
    Keisuke
    Sogawa
    Formerly CTO of
    WebPay, Inc.
    Vice President,
    Chief Technology
    Officer
    Shunya
    Kimura
    Led the establishment
    of R4D (Mercari’s
    research and
    development
    organization) and the
    implementation of AI
    for Mercari Group
    Director
    Masato
    Yamamoto
    Formerly Head of Partner
    Sales at Google Japan
    Enterprise, and Head of
    Apple Pay Merchant
    Business at Apple Japan

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  4. 4
      
    Leadership
    Director
    Naoki
    Aoyagi
    Formerly worked at
    Deutsche Bank, and
    CFO, US corporation
    CEO, and general
    manager at GREE
    Director
    Kyosuke
    Nobukawa
    Formerly worked at
    Sumitomo Mitsui Card
    Co., Ltd.
    Vice President,
    CPO
    Mayumi
    Narisawa
    Formerly Head of Design
    at Merpay
    Vice President,
    CRO
    Masahiro
    Shidachi
    Formerly Head of the
    Group Risk Management
    Head Office at Nomura
    Holdings, Inc., in charge of
    credit risk management
    and enterprise risk
    management for Nomura
    Group
    Vice President
    of HR
    Ryo
    Umezawa
    As HR Director, oversaw
    a wide range of work to
    establish the company’s
    general HR functions
    like hiring, labor
    management, and
    HRBP
    Vice President of
    Customer Service /
    Vice President of
    Trust and Safety
    Kazushi
    Osari
    Vice President, COO
    Marketplace

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  5. 5
      
    Leadership
    Vice President of
    Engineering
    Noriaki
    Utsunomiya
    Former CTO and CISO of
    Supership Inc.
    Vice President of
    Engineering
    Keigo
    Watanabe
    Former Head of
    Engineering of Souzoh,
    Inc.

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  6. 7
      
    What Is Merpay?
    Merpay is a mobile payment service operated by
    Merpay, Inc., that can be used within the Mercari
    marketplace app.
    This service enables users to utilize their Mercari
    sales balance1, funds added to their Merpay
    balance from a bank account or ATM, or the
    BNPL (buy now, pay later) Merpay Smart
    Payments service to pay for purchases at
    physical stores and online with their smartphone.
    Merpay supports both iD contactless payments2
    and code payments and can be used at JCB
    merchants across Japan with Mercard, a credit
    card with a point-back rate that increases based
    on use of Mercari and Merpay.
    1. In order to use Mercari sales balance, users must configure certain settings or use their sales balance
    to purchase Mercari points.
    2. ”iD” is a registered trademark of NTT DOCOMO, INC.

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  7. 8
      
    Mercari Group’s “Circular Finance”
    The addition of Merpay (money and credit) and Mercoin (cryptoassets) to Mercari’s item lifecycle creates a
    circular relationship between users’ items, money, and credit, facilitating the growth of “circular finance” that
    grants users greater freedom and flexibility. It provides users with a valuable, uniquely Mercari experience.
    Payment Credit
    Crypto-
    assets
    Money
    Sales
    Listing
    Aiming to achieve
    their dreams
    Bitcoin
    Money
    Mercard
    Transaction
    History
    Credit Information
    Value Circulation
    Goods

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  8. 9
      
    Merpay’s Three Focus Areas
    Pay for everyday purchases all at
    once the following month
    Pay over several months at a fixed
    amount of your choice
    iD payment
    Code payment
    Various payment methods available Various services that utilize unique credit based on
    behavior history such as usage history on Mercari
    Payment Credit Asset
    Management
    Hold your phone over
    a reader
    Scan a code Virtual
    card
    Input a card
    number Borrow when needed and repay flexibly: interest rates
    fluctuate depending on the borrower's usage of
    Mercari
    Credit card
    Lump-Sum
    Payment
    Fixed-Amount
    Payment
    Merpay Smart Money
    Merpay Smart Payments
    Credit
    card
    Service that allows users
    to buy and sell bitcoin
    from within Mercari

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  9. 10
      
    Merpay’s Three Focus Areas
    Pay for everyday purchases all at
    once the following month
    Pay over several months at a fixed
    amount of your choice
    iD payment
    Code payment
    Various payment methods available Various services that utilize unique credit based on
    behavior history such as usage history on Mercari
    Payment Credit Asset
    Management
    Hold your phone over
    a reader
    Scan a code Virtual
    card
    Input a card
    number Borrow when needed and repay flexibly: interest rates
    fluctuate depending on the borrower's usage of
    Mercari
    Credit card
    Lump-Sum
    Payment
    Fixed-Amount
    Payment
    Merpay Smart Money
    Merpay Smart Payments
    Credit
    card
    Service that allows users
    to buy and sell bitcoin
    from within Mercari

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  10. 11
      
    Number of Merpay Users/Verified Users
    1. As of December 31, 2023, the aggregated number of unique users (excludes users who have deleted their accounts) who had registered for Merpay Electronic Money, set up Virtual Card, applied for Mercard,
    opened an account for exchanging cryptoassets, or used Merpay QR Code Payments, Online Payments, or Merpay Smart Payments (lump-sum payment or fixed-amount payment), etc.
    (Million users)
    90.0%
    Identity
    Verification Rate
    Million users
    Million users

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  11. 12
      
    Payment Service Fee for Merchants
    We began applying a 2.6% payment service fee to Merpay usage from July 1, 2021.
    1. Merpay: Applied a 2.6% merchant service fee to Merpay usage from July 1, 2021.
    d Payment: Merchants who apply online on or after December 1, 2023, are eligible for a promotion posted on d Payment’s website.
    For information about the previous promotion offering no merchant fees for d Payment, see the promotion information on the website.
    2. Exceptions may apply.
    No start-up or
    fixed fees
    All you need is a smartphone.
    No monthly fees.
    All you pay is service fees on each payment.
    A service that lightens the burden on merchants.2
    Stop worrying about service fees
    yen
    Essentially free1
    For DOCOMO’s
    d Payment service

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  12. 13
      
    Integration with NTT DOCOMO
    In the beginning of September 2020, Merpay and
    DOCOMO launched use of a shared QR code between
    Merpay and DOCOMO’s d Payment service and worked
    together to promote implementation
    Merpay Merchants (Helping Introduce Cashless
    Payments to Small- to Medium-Sized Merchants)
    By placing just one QR code at the register, merchants
    can expect to welcome users of both the Merpay and d
    Payment mobile payment services. This reduces the
    burden on merchants and increases the impact of
    cashless payment on their business.

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  13. 14
      
    Building a Primary-Secondary Distribution Cycle
    with Mercari and Merpay
    Receives sales
    proceeds/adds
    money to balance
    Receives item
    Mercari Group’s services form a sustainable cycle in which users sell things they no longer need on
    Mercari (secondary distribution) and use the resulting sales proceeds to shop at physical and online
    stores (primary distribution) through Merpay.
    Sells things they
    no longer need on
    Mercari
    Buys new things
    using Mercari
    sales balance

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  14. 15
      
    Initiatives With Offline Merchants
    Trials underway with merchants to strengthen synergy between Merpay and Mercari
    1. These initiatives are proofs of concept available at select locations.
    Introducing Merpay
    code payment
    Selling Mercari
    packing materials
    Expanding the user experience by implementing Merpay and
    selling packing materials
    White Express
    Daiso

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  15. 16
      
    Merpay’s Three Focus Areas
    Pay for everyday purchases all at
    once the following month
    Pay over several months at a fixed
    amount of your choice
    iD payment
    Code payment
    Various payment methods available Various services that utilize unique credit based on
    behavior history such as usage history on Mercari
    Payment Credit Asset
    Management
    Hold your phone over
    a reader
    Scan a code Virtual
    card
    Borrow when needed and repay flexibly: interest rates
    fluctuate depending on the borrower's usage of
    Mercari
    Credit card
    Lump-Sum
    Payment
    Fixed-Amount
    Payment
    Merpay Smart Money
    Merpay Smart Payments
    Credit
    card
    Service that allows users
    to buy and sell bitcoin
    from within Mercari
    Input a card
    number

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  16. 17
      
    Merpay Smart Payments—
    A Credit Service Based on “Trust”
    Lump-sum payment is not available to users under the age of 18. Users 18 or 19 years of age have an upper usage limit of 50,000 yen.
    ● Smart Payments enables users to pay for purchases later, with the credit limit determined by their
    Mercari usage history.
    ● The service also allows users to set their own usage limit and check their usage history, so they can
    manage their payments themselves.
    ● Smart Payments provides flexible lump-sum payment/fixed-amount payment options, allowing users to
    adjust repayment amount at any time.

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  17. 18
      
    Merpay’s Definition of "Trust"
    We measure “trust” based not on who people are, but on what they have done.
    Length of
    employment
    Address
    Income
    Occupation
    Family
    structure

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  18. 19
      
    Mercari's Unique Data
    We determine whether a user will uphold their promise to repay based on their unique
    transaction data from Mercari. In this way, we can build trust, creating a new form of credit
    for the user.
    Notifies about
    completed payment
    Reviews
    Receives sales proceeds
    Purchases/pays to
    Reviews
    Sends
    Lister Buyer

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  19. 20
      
    Increasing Opportunities to Expand AI Credit,
    the Core of Deferred Payment Services
    In April 2021, the Installment Sales Act was partially revised, allowing AI to be used to determine
    credit rather than traditional credit systems.
    As a result of the new system, business operators began offering small-sum deferred payment
    services, accelerating the momentum of deferred payment services in Japan.
    Aug 2021
    Merpay acquired AI credit
    certification
    - Merpay acquired the first certification on August 27, 2021
    - This enabled Merpay to calculate how much a user could
    affordably be expected to pay based on data such as
    Mercari usage history
    Apr 2021
    Bill to revise the Installment
    Sales Act announced
    A bill to partially revise the Installment Sales
    Act was ratified by the cabinet in March 2020
    and announced in June of the same year
    Revised Installment Sales Act enacted
    The revised Installment Sales Act defined the following two points, among others:
    1. Introduction of regulations for small-sum deferred payment made in installments
    2. Allowance for enhanced screening methods
    This introduced a registration system for business operators providing small-sum
    (100,000 yen or less) deferred payment services and enabled the use of AI for credit
    screenings instead of traditional screenings to determine the amount a user is likely
    to be able to pay.

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  20. 21
      
    Visualization of Usage Status and Flexible Payment
    Methods
    Displays the amount of time until
    repayment is complete, as well as the
    monthly payment amount and fees
    Enables flexible payments
    + Can use Mercari sales balance
    + Can pay whenever you want
    + Can adjust the payment amount after
    purchase
    Visualizes usage status
    Allows users to create a payment
    schedule that reasonably fits with their
    lifestyle

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  21. 22
      
    Deferred Payment Service Usage
    30% of people use deferred payment
    services. This number tends to be particularly
    high in younger age groups.
    (Merpay, October 11, 2021: “Survey on Consumption and Payment Methods” (https://jp.merpay.com/news/2021/10/202109bnplsurvey/))
    Over 70% of deferred payment
    service users have a credit card

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  22. 23
      
    Strengths of Deferred Payment Services
    Compared to other payment methods, smartphone-based deferred payment
    services excel in both usage and payment management features.
    Right away
    Can see payments right away
    from a smartphone
    Usage history
    automatically updated
    Automatically
    withdrawn on a
    designated date
    Can choose a
    payment date
    Can only check online
    statements several days
    later
    Requires manual
    management, like
    recording payments
    separately
    Immediately reflected in
    balance
    Can check balance history
    Cash
    Debit cards
    Credit cards
    Smartphone deferred
    payment services
    Payment timing Confirmation/
    management of use

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  23. 24
      
    Users of deferred payment services
    are more interested in managing
    their finances
    Users Choose Deferred Payment for Ease of
    Management
    With credit cards, it’s easy to overuse them.
    Deferred payment services have the
    advantage of both usage and payment
    being easy to manage
    (Merpay, October 11, 2021: “Survey on Consumption and Payment Methods” (https://jp.merpay.com/news/2021/10/202109bnplsurvey/))

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  24. 25
      
    User Examples
    A woman in her 30s A woman in her 20s
    Mainly uses deferred payment
    services
    Frequently makes large payments
    when shopping for contact lenses,
    clothes, food, etc.
    + It’s easy for her to visualize her
    usage
    + She can carefully manage payment
    amounts and timing herself
    Uses Merpay Smart Payments for
    everything
    Uses iD contactless payment at physical
    shops and the virtual card online
    + When she exceeds her personal budget, she
    can adjust her budget by selling things she no
    longer needs
    + She can see her history for buying and
    selling things all on the same app
    Main payment
    method
    Usage scenarios
    Reasons for use

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  25. 26
    「メルカード」

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  26. 27
    Significantly Increasing Stores Supporting Merpay
    Payment
    In November 2022, we began issuing the Mercard credit card. In just over one year from the date when all users became eligible
    to apply, we issued more than 2.5 million1 cards. Mercard allows users to make purchases at approximately 46 million JCB
    merchants worldwide2, on top of the stores that support code payments and iD payments.
    Mercard
    iD payment
    Code payment
    1. Number of cards issued as of January 2024 (just over one year starting from December 2022, the month of the full release of the service)
    2. Number of JCB merchants as of the end of September 2023. Mercard is a credit card shopping service.
    More than
    2.5M
    cards issued in
    just over 1 year

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  27. 28
    The Four Pillars of Mercard
    Complete the Mercard
    application from the Mercari
    app in as little as one minute
    Point 1
    The initial application takes as little as one minute for
    Mercari users who have already verified their identity
    (using eKYC). You can receive your card through the
    mail and start using it in as little as four days.
    Verified users
    15.15 million
    Visualize and manage your
    Mercard usage right from
    the Mercari app
    Point 2
    When your Mercard is used, you will receive an instant
    notification right to your Mercari app. You can also
    check your usage history, set spending limits, and
    make partial payments.
    (As of Sep.
    30, 2023)

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  28. 29
    The Four Pillars of Mercard
    Flexibly choose the timing
    and method of your
    payments
    Point 3
    Payments are made each month for the amount used in the
    previous month, but you can use your Mercari sales balance and
    make payments at any time, from the first to the last day of the
    month. Furthermore, while you can pay for an entire month of
    card use at once in a lump-sum style payment, Mercard also
    allows you to select individual purchases to pay for in advance of
    others.
    Benefit from a unique credit
    system that doesn’t rely only on
    conventional factors like age
    and occupation
    Point 4
    Merpay’s credit services are easy for anyone to use,
    leveraging a unique form of credit based on past Mercari
    and Merpay usage rather than only conventional factors like
    age, occupation, and annual income.

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  29. 30
    Features That Make Mercard Safe & Secure
    Plus...
    Mercard is delivered through the
    mail, so you don’t have to worry if
    you aren’t home when it arrives.
    Even after it arrives, it can’t be
    used until you personally activate
    it by opening the Mercari app and
    touching your phone to the card.
    (Only available for devices that support
    NFC)

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  30. 31
    Constant Point-Back Rewards System
    In addition to the launch of Mercard, we have started offering point-back rewards to
    Mercard and Merpay Smart Payments deferred payment users. Using these services, users
    receive 1% back for purchases made at stores and a maximum of 4% for purchases made on
    Mercari. The point-back rate for purchases made on Mercari can be increased not just by
    making payments at stores, but by buying and selling items on Mercari.

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  31. 32
      
    ● In August 2021, we launched Merpay Smart Money, a small-sum loan service that Mercari
    users can apply for within the Mercari app and that utilizes Mercari usage history to
    determine a user’s interest rate and borrowing limit
    ● The service focuses on not only providing appropriate credit, but making that credit balance
    easy to repay, allowing users to repay using their Mercari points/sales balance and change
    their monthly repayment day, repayment amount, and other repayment plan details within
    the app
    Merpay Smart Money—Small-Sum Loan Based on
    Mercari Usage
       
    Maximum borrowing limit is
    400,000 yen. Interest rate and
    borrowing limit are determined
    through a screening process based
    on the user’s Mercari usage history.
    Not available to users less than 20
    years of age or over 70 years of age.

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  32. 33
      
    Interest and Borrowing Limits Matched to
    Mercari Usage
    Based on the user’s Mercari usage history, the borrowing limit can be set anywhere from
    1,000 yen to 400,000 yen, with the interest rate between 3.0%–15.0%

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  33. 34
      
    Key Features of Merpay’s Safe and Secure
    Credit Services
    Credit based on Mercari
    usage history
    Flexible payment methods
    Visualizes usage status
    Mercari sales balance
    We also have a dedicated team working daily to improve quality of the service, and we’re
    working to incorporate external experts’ opinions regarding provision and administration of
    the service

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  34. 35
      
    Merpay’s Three Focus Areas
    Pay for everyday purchases all at
    once the following month
    Pay over several months at a fixed
    amount of your choice
    iD payment
    Code payment
    Various payment methods available Various services that utilize unique credit based on
    behavior history such as usage history on Mercari
    Payment Credit Asset
    Management
    Hold your phone over
    a reader
    Scan a code Virtual
    card
    Input a card
    number Borrow when needed and repay flexibly: interest rates
    fluctuate depending on the borrower's usage of
    Mercari
    Credit card
    Lump-Sum
    Payment
    Fixed-Amount
    Payment
    Merpay Smart Money
    Merpay Smart Payments
    Credit
    card
    Service that allows users
    to buy and sell bitcoin
    from within Mercari

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  35. 36
      
    暗号資産
    CryptoAsset
    NFT
    DigitalAsset
    主な事業

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  36. 37
      
    Allowing Users to Buy and Sell Bitcoin Within the Mercari
    Marketplace

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  37. 39
      
    Exceeded 1M Users in 7 Months After Launch,
    With 81% Never Having Used Crypto Before

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  38. 41
      
    Efforts to Ensure a Safe and Secure Product
    We implement measures to prevent fraud in order to ensure a safe and secure user
    experience.
    Compensation/
    support provided in
    case of an incident
    Monitoring
    conducted 24/7
    Authentication and
    identity verification
    at time of
    registration and use

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  39. 42
      
    AI/visual check
    Merpay identity
    verification (eKYC)
    Identity verification via ID
    + selfie
    KYC using Individual
    Number Card (JPKI)
    Fraud coverage
    Registering for
    Mercari
    Connecting to
    financial institutions
    Anti-fraud countermeasures employed in the process from
    account creation to bank account connection/service use
    1. Two-factor
    authentication
    (SMS)
    2. Identity verified
    against name on
    bank account
    3. Anti-fraud
    monitoring when
    charging from
    bank/using Merpay
    4. Total coverage in
    the event of an
    incident
    Transferring funds from bank
    to Merpay
    Using Mercari/Merpay
    Ensuring a safe and secure environment has remained a priority for Merpay. We have implemented identity
    verification and anti-fraud countermeasures, as well as strengthened identity verification measures (eKYC). The
    number of Merpay users who have completed identity verification (eKYC) has increased dramatically, helping Merpay
    become the first payment service to resume new connections and bank charging with financial institutions that had
    suspended such connections from November 2020 onwards, such as Japan Post Bank, Gunma Bank, Tochigi Bank,
    and Nagano Bank.
    Efforts to Ensure a Safe and Secure Product

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  40. 43
      
    In March 2021, we launched an identity verification process that uses Japan’s public Individual Number Card
    identification system (JPKI). Merpay is the first mobile payment service provider to implement identity verification
    using JPKI. Due to efforts to strengthen eKYC and promote identity verification, Merpay reached 15.15 million
    identity-verified accounts as of December 2023.
    Percentage of
    identity-verified users:
    90.0%
    15.15 million
    users
    Efforts to Ensure a Safe and Secure Product
    Simple KYC using official
    identification (Individual
    Number Card)
    A first in the payment industry
    Individual Number Card
    Verification

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  41. 44
      
    Appendix: Growth of Features/Services Since Merpay’s
    Launch
    Feb–Mar
    2019
    iD Payments/
    QR Code Payments
    Available at iD and Merpay merchants
    nationwide, including convenience
    stores, restaurants, drug stores, and fast
    food
    Jul 2020
    Merpay Smart
    Payments
    Allows users to defer payment for items
    based on past usage of Mercari and
    Merpay
    Online payments
    Enables use of Merpay for not only
    offline purchases, but online as well
    Sep 2020
    Send/receive
    Enables users to send their
    Merpay balance/points to family
    and friends
    No-contact service
    Apr–May
    2019
    Growing Wallet
    Enables users to utilize their
    Merpay balance on the
    peer-to-peer investment service
    Funds
    Nov 2020 Mar 2021
    Shared d Payment/
    Merpay QR code
    Enables use of single QR code for
    both d Payment and Merpay
    Virtual card
    Enables users to easily issue a card
    number which can be used to pay using
    Merpay balance at many online stores
    Identity verification
    using Japan’s Individual
    Number Card (JPKI)
    Support for identity verification using
    Japan’s public Individual Number Card
    identification service (JPKI)
    Merpay Smart
    Payments (fixed-amount)
    Allows for fixed-amount payments,
    whereby users pay in installments from
    the following month onwards
    Mercari Donation
    Enables donation of Merpay balance,
    charged from Mercari sales balance or
    bank account, etc., to local governments
    and other organizations of the user’s
    choice
    Merpay Smart Money
    Aug 2021
    A small-sum loan service that Mercari
    users can apply for within the Mercari
    app and that utilizes Mercari usage
    history to determine a user’s interest
    rate and borrowing limit
    Nov 2022
    Mercard
    A comprehensive, flexible credit
    card that allows users to receive
    instant notifications, check their
    usage history, and pay their bill
    right from the Mercari app
    Also offers up to 4% points back
    from selling, buying, or making
    purchases at stores.

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  42. 45
      
    History: Merpay
    Merpay, Inc. established
    Support for iD contactless payments
    Added support for code payments and released the coupon feature
    Reached 1 million users of Merpay Electronic Money
    Released Merpay Smart Payments (formerly Merpay Deferred Payment)
    Released Online Payments feature
    Reached 2 million users of Merpay Electronic Money 
    Reached 4 million Merpay users
    Reached 5 million Merpay users
    Business alliance with Shinkin Central Bank concluded; reached 6 million Merpay users
    Origami Inc. joined Mercari Group; Mercari, Merpay, and NTT DOCOMO agreed on partnership
    Reached 7 million Merpay users
    Fixed-amount payment and sending/receiving features released
    Began providing a shared QR code for d Payment and Merpay
    Reached 8 million Merpay users
    Nov 2017
    Feb 2019
    Mar 2019
    Apr 2019
    May 2019
    Jun 2019
    Sep 2019
    Oct 2019
    Jan 2020
    Feb 2020
    Jun 2020
    Jul 2020
    Sep 2020
    Oct 2020

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  43. 46
      
    History: Merpay
    First stage of the Growing Wallet: Merpay available for use on Funds
    Became the first service in the industry allowed to resume the bank connections that were suspended
    due to fraud cases (Resumed connections with Japan Post Bank in January)
    Reached 8.5 million Merpay users
    Began providing a “virtual card” that can be used to pay for purchases on online stores with Merpay
    Smart Payments
    Became the first service in the industry to support KYC using the IC chips in Individual Number Cards
    Reached 9.8 million Merpay users
    Reached 10 million Merpay users
    Launched small-sum loan service Merpay Smart Money
    Launched the Mercard credit card and constant point-back rewards system
    Reached 650 thousand Mercards issued
    Reached 1 million Mercards issued
    Reached 1.5 million Mercards issued
    Mercard and the bitcoin trading service selected as winners of the Good Design Award 2023
    Reached 2 million Mercards issued
    Reached 2.5 million Mercards issued
    Nov 2020
    Dec 2020
    Mar 2021
    Apr 2021
    Aug 2021
    Nov 2022
    Apr 2023
    Jun 2023
    Sep 2023
    Oct 2023
    Nov 2023
    Jan 2024

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